Title
Conduct a Public Hearing and Consider/Discuss/Act on a Retail Development Infrastructure Grant Application Submitted by Cleo Meredith (RI 24-02) in an Amount up to Fifty Thousand and NO/100 Dollars ($50,000.00) for the Installation of a Fire Alarm System at the Hope Hardware Building Located at E. Louisiana Street, McKinney, Texas.
Summary
COUNCIL GOAL: 1: Direction for Strategic and Economic Growth
1C: Continue to develop a retail strategy for key areas of the community to diversify revenue sources and expand entertainment, dining and shopping options and tourism.
MEETING DATE: February 22, 2024
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• McKinney Community Development Corporation will conduct a public hearing on a project grant application submitted by Cleo Meredith for $50,000 to install a fire alarm system at the Hope Hardware Building in Downtown McKinney.
• This project will help prepare the space for its new tenant, Rye Group Restaurants, and will help satisfy minimum code requirements.
BACKGROUND INFORMATION:
• Property owners operated The Pantry at this location from 2001 to 2023.
• Rye was a successful restaurant in Downtown McKinney that recently experienced a fire. This new location will provide an opportunity for them to re-open and expand their business.
FINANCIAL SUMMARY:
• Funds allocated for MCDC Retail Development Infrastructure Grants total $300,00. Maximum for any single award is $50,000.
• This is the first time Cleo Meredith, The Pantry or Rye has requested funding from MCDC.
• The request is eligible for MCDC consideration under Section 501.103 of the Texas Local Government Code.
SUPPORTING MATERIALS:
• Application Packet
• Presentation